The Australian Share market looks set to open stronger after Wall Street closed out its best week in a year on Friday. US stocks closed higher on Friday, investors optimistic about the first lot of quarterly results due out this week
In US economic news: Wholesale Inventories increased 0.5% in May after rising 0.2% in April. Economists expected inventories to rise by 0.4% On Friday, the Dow Jones Industrial Average closed 59 points higher at 10,198. The S&P 500 Index gained 8 points to 1,078 and the NASDAQ added 21 points at 2,196.
European stocks closed higher; London’s FTSE is up 27 points, Paris gained 16 and Frankfurt rose 30.
Asian markets were higher on Friday: Hong Kong’s Hang Seng is up 328, Tokyo’s Nikkei is also up 50 and China’s Shanghai Composite is up 56.
The Australian share market finished stronger on Friday. The S&P/ASX 200 Index closed 40 points higher at 4,396 and on the futures market the SPI200 is up 8 points. Turning to currencies and the Aussie Dollar at 7:50AM was buying 87.75 US cents, 58.29 Pence Sterling, 77.83 Yen and 69.43 Euro cents.
In local economic news: The ABS housing finance data for May, and labour market data for July are to be released today as well as, The Reserve Bank of Australia’s credit and debit card data for May.
In business news: Shares in Conquest Mining Ltd (ASX:CQT) steady at $0.33 on Friday. Conquest Mining has secured a bigger stake of North Queensland Metals. Last Friday Conquest Mining announced that founder, director and major shareholder of North Queensland Metals, Donald Walker had agreed to the company’s offer of 0.5 conquest shares plus 15 cents cash for every North Queensland Metals share held, in respect to his entire shareholding. Conquest Mining will now have a 20.9% hold of North Queensland Metals. Conquest Mining recorded a loss of $1.15 million for the year ending 30 June, 2009.
Shares in Billabong International Ltd (ASX:BBG) closed up 1% at $9.10 on Friday. US sporting goods chain Zumiez has cast doubt on Billabong’s plan to acquire Canadian clothing retailer West 49 by making a higher bid. Surfwear company Billabong first announced a $110 million take-over deal in early June to bolster their North American market sales. The Australian reports that West 49 is considering Billabong’s initial offer, but will be entering into discussions with Zumiez. Billabong International recorded a profit of $152.84 million for the year ending 30 June, 2009.
To commodities, and the price of gold up $13.80 to US$1,209.60 an ounce for the July contract on Comex. Silver is up 20 cents to US$18.05 and copper is up $.04 a pound $3.04.
And the price of oil is up $0.65 cents to US$76.09 a barrel for August light crude in New York.
